Shares of Veeva Systems Inc. (NYSE:VEEV) have been given a consensus recommendation of “Buy” by the fifteen research firms that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $62.18.
A number of equities research analysts have recently weighed in on the stock. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and raised their price target for the company from $48.00 to $70.00 in a research note on Friday, May 26th. Morgan Stanley downgraded shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $53.00 to $68.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target (up from $60.00) on shares of Veeva Systems in a research note on Sunday, May 21st. Deutsche Bank AG reiterated a “hold” rating and issued a $55.00 price objective on shares of Veeva Systems in a report on Tuesday, May 30th. Finally, BidaskClub lowered shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th.
In other news, Director Gordon Ritter sold 10,200 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $53.83, for a total value of $549,066.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Matthew J. Wallach sold 24,000 shares of the stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $63.15, for a total value of $1,515,600.00. Following the sale, the president now directly owns 24,000 shares in the company, valued at $1,515,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 276,958 shares of company stock valued at $17,223,322. 19.17% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley boosted its position in shares of Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock worth $432,800,000 after buying an additional 4,482,021 shares during the period. BlackRock Inc. boosted its position in Veeva Systems by 24,931.6% in the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after buying an additional 3,995,285 shares during the last quarter. FMR LLC boosted its position in Veeva Systems by 398.1% in the first quarter. FMR LLC now owns 2,290,030 shares of the technology company’s stock worth $117,433,000 after buying an additional 1,830,270 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Veeva Systems by 16.9% in the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock worth $453,066,000 after buying an additional 1,276,901 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Veeva Systems by 22.8% in the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock worth $249,158,000 after buying an additional 902,330 shares during the period. 80.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of Veeva Systems (NYSE:VEEV) traded up 1.82% on Tuesday, reaching $63.63. The company had a trading volume of 1,033,574 shares. The company has a market capitalization of $8.89 billion, a P/E ratio of 102.46 and a beta of 1.63. The company has a 50 day moving average of $62.28 and a 200-day moving average of $53.32. Veeva Systems has a 52 week low of $36.55 and a 52 week high of $68.07.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by $0.04. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. The company had revenue of $157.90 million during the quarter, compared to analyst estimates of $151.82 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. Analysts predict that Veeva Systems will post $0.83 earnings per share for the current fiscal year.
About Veeva Systems
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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